UCO Bank's planned foray into Dubai has been put on hold due to global recession and of the economic crisis in that Emirate, media reports said, quoting bank Chairman and Managing Director S K Goel.
The bank was planning to enter Dubai to expand its global footprint. It proposed a joint venture with a Dubai partner to offer financial activities at a revenue-sharing ratio of 50:50.
The proposed Dubai partner is also supposed to provide infrastructure and operational management.
UCO has four overseas branches in Singapore and Hong Kong as also one representative office in China and Malaysia.
Goel hoped the Dubai venture would be finalized soon.
For comments and feedback: editorial@rttnews.com